StockMarketWire.com - Braemar Shipping Services' pre-tax profits fell 5% to £9.3m in the year to the end of February.

Revenues rose by 7.7% to £143.8m and the final dividend is maintained at 17.0p per share. The total payout for year is also unchanged at 26.0p, covered 1.5 times by earnings before acquisition related amortisation.

Chief executive James Kidwell said: "We have reported a robust group performance, in extremely challenging shipping markets, thanks to our progressive diversification into a broad range of maritime services. The momentum in Braemar Technical Services and the logistics divisions will help in the year ahead and our shipbroking business is well placed to benefit from a recovery in shipping markets in the medium term.

"This year's performance shows that the strategy to develop a more broadly-based business has reduced volatility of the Group's results and the exposure to the shipping cycle. There is potential to develop all our existing divisions through organic growth, business improvement and further acquisitions where the quality of earnings can be maintained."






At 9:17am: [LON:BMS] Braemar Seacope Group share price was +5.5p at 412.5p



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